Paris’s Golden Triangle is Perfect for the French (or Foreign) Fashionista

Only deep-pocketed buyers need apply

By Laura HouseOriginally published on September 10, 2016|Mansion Global|

Paris’s 8th Arrondissement, also known as the Golden Triangle (or Triangle D'or), is a traditionally upper-crust neighborhood. Studded with high-end boutiques, fashion houses, and some of the cities most iconic sites, it attracts one of the world’s most glamorous crowds.

Boundaries:

The Golden Triangle in Paris’s 8th Arrondissement is located between three of Paris’s most famous boulevards: the Avenue des Champs-Élysées, the Avenue Montaigne, and the Avenue George V.

Price range:

Only deep-pocketed buyers need apply. Alexander Kraft, Chairman and CEO of Sotheby’s International Realty France, breaks down the numbers and says, “Prices start at $1,340 euro (U.S.$1,500) per square foot, and can exceed $3,600 euro (U.S.$4,000) per square foot for prime properties.”

He also notes that, “Single family homes (called ‘hôtels particuliers’ or townhouses) are extremely rare and start at approximately 4.5 million euro (U.S.$5 million), but can easily exceed 18 million euro (U.S.$20 million). Apartments start at approximately 1.3 million euro to 1.8 million euro (U.S.$1.5 to $2 million), but can quickly reach double-digit numbers in the millions.”

Overall, square meter prices tend to be approximately 30% to 150% higher than in other Paris neighborhoods, according to Mr. Kraft. As for the ultimate address? he says, “Avenue Montaigne remains the most sought-after street, particularly when a property has balconies or terraces.”

Julie Fine, a Senior Agent at Haussmann Prestige Paris says, "It could be possible to find an apartment for around 1,300 euro (U.S.$1,500) per square foot, but it will most likely need a complete renovation, and will depend on which floor it is located. Ground floors are significantly discounted, and there is a premium price for top floors with views of the Eiffel Tower.“ (Quelle surprise!)

Housing stock:

The neighborhood is quintessentially Parisian. Mr. Kraft explains, "Like in many other parts of Paris, most homes are mid-to-late 19th century buildings in the Haussmann style (named after Baron Haussmann, Napoléon III’s building prefect who rebuilt Paris starting in 1854). These historic buildings are interspersed with modern ones that have been built in the last 50 years.”

A five-bedroom, four-bathroom apartment on the Right Bank in the Golden Triangle is asking $9.7 millionKNIGHT FRANK

What makes it unique:

In a word: location. This exclusive enclave, home to some of the world’s most famous designers and fashion houses, is renowned for its luxury shopping, legendary hotels and restaurants. Instagram-worthy moments abound here at some of Paris’s most famous landmarks, such as the Champs Élysées, the Seine River, and the Grand Palais.

Luxe amenities in the neighborhood:

Luxury label lovers will be in heaven with high-end boutiques such as Louis Vuitton on the Champs Elysées, French fashion houses Chanel, Saint Laurent, Dior, Balmain, and Chloé to name just a few, and the world’s best bespoke tailor, Arturo Cifonelli. Some of the city’s most sought after tables are found at restaurants including Maison Blanche, Alain Ducasse (at the Plaza Athénée), Manko, Yeels, and the trendy L'Avenue.

As one of Paris’s most expensive neighborhoods, most residents are high-level executives, bankers and investors. “These days, foreign buyers account for 90 percent of the clientele, with most buyers stemming from the Middle East, Africa and the United States,” says Mr. Kraft.

Notable residents:

For many years, actress Marlene Dietrich had an apartment on Avenue Montaigne. Princess Lee Radziwill, style icon and sister of Jackie Kennedy Onassis, has a pied-à-terre in the neighborhood, as do many royal families from around the world.

Outlook:

“As the rest of Paris, the market prices are not expected to increase significantly over the next years,” Ms. Fine predicts. “The 10-year outlook is more positive but expected to make slower growth than other markets.”

However, the outlook differs according to Mr. Kraft, “This is, and will always be, a blue-chip neighborhood with excellent resale opportunities. Demand has outstripped supply for decades, and a steady influx of newly minted clients—for example from China and Africa—means that prices will continue to go up.”